COVIVIO HOTELS

DEBT INVESTOR PRESENTATION

SEPTEMBRE 2018

CONTENTS

1. COVIVIO HOTELS: A EUROPEAN LEADER 03

2. A WELL-ORIENTED HOTEL MARKET 13

3. ILLUSTRATIVE CASE STUDIES 19

4. A STRONG OPERATIONAL & FINANCIAL PROFILE 25

5. CREDIT HIGHLIGHTS 34

APPENDIX 37

2

1. COVIVIO HOTELS:A EUROPEAN

LEADER

4

A STABLE AND EXPERIENCED MANAGEMENT TEAMSPEAKERS INTRODUCTION

Dominique Ozanne (40)

CEO of Covivio Hotels and Deputy CEO of Covivio

13 years in Hotel investments through Covivio Hotels

Gaël Le Lay (45)

Deputy CEO

18 years in Hotel investments

Of which 5 years in Covivio Hotels

Tugdual Millet (41)

CFO Covivio

16 years at Covivio, of which 9 years as CFO

> Gaël worked 11 years at Accor, holding various positions

> He then headed the Hotel investment division of

Axa Real Estate, for 7 years

> Dominique began his career at Covivo (ex. Foncière des

Régions) in 2003 as Head of projects to the Chairman

> He has been involved in the set up of Covivio Hôtels (ex.

Foncière des Murs) in 2005 as Chief Operating Officer

> Since 2011, he has been CEO of Covivio Hotels

> In 2018, Dominique was appointed Deputy CEO of Covivio

> Tugdual has always been working at Covivio,

working successively as Portoflio Manager, Head

of Corporate Development & Financing and

Financial Director of the Office business

> In 2009 Tugdual was appointed CFO of Covivio

5

A SOLID AND LONGSTANDING SHAREHOLDING STRUCTURE

1 As of 30 August 2018. Including the contemplated merger with Beni Stabili2 H1 2018 figures. Including the contemplated merger with Beni Stabili and the hotel acquisition in the UK; 3 Retail in France and Italy, Car parks, Residential France

42%

17%

8%

11%

5%5%

9%

4%

SogecapSince 2018

Covivio

Generali

Free

floatACM

Crédit Agricole

Assurances

Cardif

(BNP Paribas)CDCSince

2018

Covivio Hotels owns all the assets it rents and

operates

All key shareholders have subscribed to the €300

million capital increase in June 2018

€3.1 billion market capitalization 1

28%

8%

8%

8%

48%

Crédit Agricole

Assurances

ACM

Covéa

Delfin

Free float

€7.5 billion market capitalization 1

Covivo Hotels is the #1 Pan European Hotel REIT

Covivio involvement in Covivio Hotels:

1. Founded Covivio Hotels in 2005

2. French SCA regime (limited partnership) with

Covivio as General & Managing partner (“associé

gérant”)

3. Providing Property management and support

functions (financing, corporate, etc.)

4. Dominique Ozanne is both CEO of Covivio Hotels

and Deputy CEO of Covivio

Strong links with Covivio Hotels

One of the three strategic segments of Covivio

vs 5% at

end-2010

23%GermanResidential

15 %Hotels in Europe36 %

France Offices

22 %Italy Offices

5 %Non-strategic 3

€15.3 bn

Portfolio value

Group Share2

Shareholders in both companies

THE EUROPEAN HOTEL REIT LEADER

1Focus on majorEuropean cities

3Client centric: be the preferred

partner of main operators

2Target the most profitable

hotels

Cities > 2 million overnight stays per year

18 partners across 31 brands, to choose the best operator for each hotel in each country

Mid to Upscale hotelswith EBITDAR margin >30%

Motel One - ParisWestin - Berlin Grand Central - Glasgow

6

7

13 YEARS OF A SUCCESSFUL STRATEGY+13% OF GROSS ASSET VALUE PER YEAR ON AVERAGE

Accor 1:

123 assets

(sale and lease back)

€ 1 025 million

158 B&B in France

€513 million

19 prime hotels in Germany

France and Belgium

€988 million

(FDMM)

17 hotels in Spain

€559 million

14 hotels in the UK

€976 million

2014

Sale and leasebackSupport operators with

strategic evolutionsAcceleration of European development

Strengthen our hotel expertise

1 Portfolio value in 100% excluding retail2 Including the UK hotel portfolio acquisition (in terms of assets and Accor weight)

3 €5 189 m at H1 2018, plus the UK portfolio acquisition (€976 m) and excluding the retail portfolio (€259 m)

2005 2010 2015 H1 20182

2012

2016 & 2017100%

1 operator

100%

€1.1 bn

58%

3 operators

93%

€1.8 bn

42%

6 operators

70%

€2.4 bn

24%

18 operators

33%

€5.9 bn3

2017

2016

Accor rent(% hotel annualised rent,

Group Share)

# operator

% portfolio value

Hotel portfolio value1

Flagship deals

LEADING PLAYER IN EACH OF THE MAJOR EUROPEAN MARKETS

A €5.9 bn hotel portfolio at end-June 20181

€5.4 bn in Covivio Hotels Group share1

Critical size on each of our market

And €259 m of non-strategic retail assets

of which €79 million under disposal agreement

1 Including the hotel acquisition in the UK

388 hotels

46,777 rooms

8

Germany

l €1.5 Bn GAVUnited Kingdom

l €1.0 Bn GAV

France

l €2.2 Bn GAV

Spain & Portugal

l €0.7 Bn GAV

Belgium &Netherlands

l €0.5 Bn GAV

A WELL-DIVERSIFIED EUROPEAN FOOTPRINT FOCUS ON MAJOR CITIES

% in turnover1

80% major European cities(cities with more than 2 million overnight stays annually)

Mainly Paris and major regional cities

(Lyon, Marseille, etc.)

Germany main cities

Berlin, Dresde & Leipzig, Frankfurt, Munich, etc.UK major cities

London, Edinburgh, Glasgow, Oxford, etc.

~80% in Barcelona & Madrid

Mainly Brussels & Amsterdam

91 Group Share, annualized rent and EBITDA (for operating properties). At end-June 2018 including the hotel acquisition in the UK at run-rate

France33%

Germany28%

UK16%

Spain13%

Belgium & Netherlands9%Portugal

1%

AN OPTIMISED MIX BETWEEN TYPE OF REVENUES

1 Annualised H1 2018 figures, including the hotel acquisition in the UK at run rate2 Includes the variable part of leases with guaranteed minimum rent

Fixed lease Revenue based on Net Operating Income

Revenue based on turnover2

53% 21% 26%

: Real Estate owner

10

Covivio Hotels owns all the assets it rents or operates

safeguarding rents, sheltering against

volatility and against potential downward

trends. While indexing rents (CPI).

mostly trophy assets in core location (Berlin, Lille)

taking full advantage of updwards trends.

Full flexibility: ability to manage or to swiftly adjust

and convert hotels into a fixed-lease contract if needed

mostly with Accor, based on a

percentage of turnover ripping off

the benefits of a world class

operator

Park Inn - BerlinMercure - Paris

Revenue from operators1

George Street - Edinburgh

LONG TERM PARTNERSHIP WITH THE LEADING OPERATORS

Leader in France & historical partner

One of the leader in France and Germany on

economic segment

Long-term partnerships with the best operators in each countries

throughout a diversified tenant base

Subsidiary of Jin Jiang (#5 global operator),

One of the global leaders in midscale/upscale hotels

One of the global leaders in midscale/upscale hotels

One of the leaders in Spain & Germany and a growing

player in the Netherlands

Leader in the UK on midscale/upscale segments

B&B15%

IHG18%

Accor 24%

Radisson 8%

Marriott 9%

NH 5%

Hotusa 3%

Barcelo 3%

Other15%

% in turnover1

11

#2

#1#x Ranking as European Operators

In terms of rooms, 2017 (Hospitality On)

#9

#3

#8

#3In France

1 Group Share, annualized rent and EBITDA (for operating properties). At end-June 2018 including the hotel acquisition in the UK at run-rate

12

STRONG QUALITY OF THE PORTFOLIO

Focus on major European

cities1

% of assets in major European cities

58%

65%

80%2

H1 20182016 2015

Higher quality of hotels

1 Cities with more than 2 million overnight stays per year2 At H1 2018; Including the acquisition of the UK Hotel portfolio

% of upscale and midscale (mainly 4* and 5*)

53% 54%

73%2

H1 201820162015

George street - Edinburgh

Target 100% by 2022 Target 75% by 2022

2.A WELL-ORIENTED

HOTEL MARKET

HOTELS IN EUROPE BENEFITING FROM ROBUST FUNDAMENTALS

European travel & tourism industry is growing

Sources: World Travel & Tourism council; Eurostat; STR

1Investments in travel & tourism are acceleratingarrivals and spending

2 3

400

450

500

550

600

650

700

750

800

850

900

2012 2013 2014 2015 2016 2017 2018E 2028F

European GDP from Travel & Tourism industryat constant bn

+3.0%per year

+2.4%per year

€bn

100

150

200

250

300

350

2012 2013 2014 2015 2016 2017 2018E 2028F

European Travel & Tourism capital investmentsat constant bn

+3.5%per year

+2.9%per year

€bn

0

250

500

750

1000

1250

1500

1750

2000

1 000

1 200

1 400

1 600

1 800

2 000

2012 2013 2014 2015 2016 2017 2018E 2028F

Tourism spending International arrivals

+2.6%per year

+2.4%per year

+3.5%per year

International arrivals & tourism spendingat constant bn

€bn

Inte

rna

tio

na

l a

rriv

als

(m

)

+4.2%per year

14

2018 2028F

European GDP from Travel & Tourism industry

+2.4% per year

2018-2028F

International arrivals: +3.5%Tourism spending: +2.4%

2018-2028F

European Travel & Tourism investments: +2.9%

International tourist arrivals

2015 2020 2030

1.2 billion 1.4 billion 1.8 billion

HOTEL MARKET: STRONG FUNDAMENTALS SUPPORTING SUSTAINABLE GROWTH

Source: PwC

90

95

100

105

110

115

120

125

130

135

2009 2010 2011 2012 2013 2014 2015 2016 2017

Tourists arrivals Number of rooms

15

Demand & supply evolution since 2009average France, Germany, Spain & UK (rebased 100)

Hotels chains have high and increasing penetration rate vs independent hotels:

c.50% chain hotels penetration rate

average France, Germany, Spain & UK

(Million) Average yearly growth

+3.3%

+2.1%

Since 2013 Tourist arrivals: +14%

Number of rooms: +5%

Source: Hospitality On

49%

66%

34%47%

Chain peneration

(rooms), 2018

> Tourist arrivals acceleration has not been met with increase in room supply in Europe

> Very sound market with offer lagging behing demand> Better quality of the offer

> Increasing occupancy rate and better growth expectations

FOCUS ON COLLABORATIVE ECONOMY: AIRBNB

Short term lease Regulation in Europe

√ Berlin, Barcelona, Amsterdam and

London- Required agreement for the municipality, frequent

controls,

- Restriction on number of rental days:

Amsterdam (30 days in 2019), London (90 days)

- Licence to be obtained by hosts (Amsterdam),

- Registration of tourists

Barcelona: Hosts are required to inform police of

all stays within 24 hours prior to permit approval

Example of sanction in Berlin: €100 K / property

France

Restriction to 120 days a year for short term leases

and mandatory disclosure, daily taxes

New law 2017: mandatory and automatic

transmission from Airbnb to tax authority

Importance of collaborative economy

Airbnb was launched in 2007 in the US and has spread globally since

Airbnb is a new player in the hotel sector… …and limited by strict regulation

A polarized offer

Airbnb offers are mainly on economic (<€100) and luxury segments (> €400)

< €100 > €400€100 to €400 / night

Airbnb & Abritel

Chain hotels

> Less impact on upscale and midscale segments

…focused on specific segments…

> Airbnb pushed the development of innovative lifestyle concepts in the

hotel industry

16

Offer

Source: MKG

THE HOTEL INVESTMENT MARKET IS HIGLY LIQUID AND OFFERS SOLID VISIBILITY

€8 bn

€23 bn

€21 bn€20 bn

17

The Hotel Industry is seeing a strong and sustained investment momentum

x2.6European investments in Hotel Real Estate

> Emergence of newly structured markets such as Spain

> (+ 254% from 2012 to 2016)

> Structured and well established markets: UK, France, Germany

since 2012

Source: CBRE

Fuelled by institutional and Private Equity investors

> Institutional investors: 33% of H1 2018 EMEA Hotel Investments33%

> Private Equity investors: 33% of H1 2018 EMEA Hotel Investments29%

Saudi SWF Singapor SWF

And other listed hotel platforms

Market

Capitalization(31/08/2018)

~€2.0 bn ~€500 million~€2.6 bn

Of which

Of which

2012 2013 2014 2015 2016 2017

UK Germany France Spain Italy Others

A WELL-ORIENTED HOTEL MARKET OFFERING LEVERAGE FOR REAL ESTATE OWNER

The Travel & Tourism industry is experiencing

momentum and growing at an unprecedented

operators are competing to establish in

central and new locations while renewing their

offer

Scarcity of long-term hotel real estate owners

able to quickly deploy the full real estate value

chain to support chains strategy

1

2

3

As the leading European Hotel Real Estate owner,

appears pivotal for most of the chain operators

offering it high bargaining power to:

► Work with the best partners in each location

► Choose the best revenue structure for our assets (lease or management contract)

► Impose performance clause to be flexible in the choice of our operators

18

3.ILLUSTRATIVE CASE

STUDIES

20

ACCORHOTELS: HIGHLIGHTS ON A SUCCESSFUL LONG-TERM PARTNERSHIP

A €1.1 bn lease portfolio

74 hotels in France (89%) & Belgium (11%)

Variable rents indexed on hotel revenues

2015 Lease extension with AccorHotels: +12 years firm at passing rents

Disposal of 45 hotels with low performances in secondary locations

Disposal price: €361 million

Average Daily Rate per room: ~€90

2016

2005 Acquisition of 123 assets with 12-year leases

Mercure - Paris

Strategy

> Asset management in partnership with HotelInvest

> Optimise portfolio through additional constructability

21

GERMANY: AN ICONIC OPERATING PROPERTIES PORTFOLIO

Park Inn – Berlin Westin - Berlin

Westin - DresdenPullman - Dresden

~€880 million mainly in Berlin1

Revenue based on Net Operating Income

9 hotels 4-5* | City center locations

60% Berlin ; 40% Dresden & Leipzig

Average Daily Rate per room: <90 € in Berlin

>30%EBITDA margin

+11%EBITDA growth

since acqui.

Strong performance

Drivers for future growth

Average Daily Rate Per Room still below comparable major European cities

Asset management leverage (such as the Ibis in Dresden)

Ebitda growth through capex program: room renovation and creation of suites in the Park Inn1 Group share at H1 2018

60% of total

Hotel portfolio in

Germany

22

A CRITICAL SIZE LEASE PORTFOLIO IN SPAIN

AC Forum – Barcelona Eurostars Gran Marina - Barcelona

NH Collection Colon - MadridPaseo Del Arte - Madrid

Successful entry in Spain: December 2016

17 hotels 4-5* | City center locations

€559 million acquisition price€168 thousands / room

80% Barcelona & Madrid

Average Daily Rate per room: <100€ in Barcelona & Madrid

>40%EBITDAR

margin

+7.2%value creation

since acq.

Strong performance

Drivers for future growth

Variable rent component thanks to RevPar1 growth

Lease renegotiations trough rebranding: >+50% potential rent increase on the Madrid Paseo del Arte

Disposal of non-core hotels: potential disposal margin >15% on an asset in a secondary location1 Revenue Per Available Room

23

2018 – ACQUISITION IN THE UK: START OF A LONG TERM PARTNERSHIP WITH IHG (1/2)

1 858 M£ with a conversion rate of 1.14 at 02/05/2018

Hotels location by city

€976 million1

Funding sources:

- Capital increase: €300 million

- Mortgage Debt: €454 million

- Cash: €223 million

4* and 5* hotels

Prime locations in city-centers

2,638 rooms

Russell square - London

George Street - EdinburghBlythswood square - Glasgow

Midland hotel - Manchester

14 hotels in lease in the major

UK citiesClosing Q2 2018

Development projects

Edinburgh

24

2018 – ACQUISITION IN THE UK: START OF A LONG TERM PARTNERSHIP WITH IHG (2/2)

A highly secured transaction… …offering value creation levers

New partnership

with a major hotel operator

25-year triple net lease

5.0% yield on minimum guarantee fully

indexed

>30% EBITDAR Margin

√ Secured

operations

√ Dynamic

market

RevPar1 +5.6% in 2017

despite Brexit

The 4th most popular

destination in Europe

The 1st investment market

for hotels in Europe

Oxford street - Manchester

√ Upside

potential

Asset management

through capex & rebranding

6% target yield on a run rate basis

through variable rent component

1 Revenue Per Available Room

4. A STRONG OPERATIONAL AND

FINANCIAL PROFILE

STRONG VISIBILITY ON REVENUE

100%> Occupancy rate since the beginning

1 Including the hotel acquisition in the UK, first break option (hotels only); 2 Evolution on overall perimeter, like-for-like was not applicable in 2016

26

> Lease maturity since 2015 >10 years

Hotel turnover by firm lease maturity in € million

14,5 years

in H1 20181

Strong long-term visibility… … coupled with accelerating operating results

+3.3%

Rents - like-for-like Year-on-Year growth

Lease properties(owned and leased to 3rd parties)

+5.0% from variable

rents

H1 20182017

+3.2%

+5.5% from variable

rents

+4.2%

EBITDA – like-for-like Year-on-Year growth

Operating properties(owned and operated)

H1 20182017

+2.8%28 4 1

8 8 5 2 2

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Beyond

165

27

RESILIENCE OF ACCOR REVENUES

Like-for like rental growth from Accor portfolio of 19% since 2006

Proven resilience to adverse context

> in 2009/10 after the economic crisis: only 1 year to revert to pre-crisis level

> in 2016/17 after the terrorists attacks in Paris: only 18 months to revert to pre-crisis level Mercure - Paris

100

111114

105

113118 117 119 118

116

108

113

119

102104 104 106

108110 111 112 112

112 113

115

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2018

Evolution of the Accor rents on a like-for-like basis (100 basis in 2006)

Rents Accor Inflation

ranks 6th in the global hotel industry and #1 in Europe1

Most of Covivio Hotels variable rents today come from AccorHotels revenues,

representing 24% of total hotel revenue2, strongly decreasing from 62% in 2014

1 Based on number of rooms. Sources: Accor 2017 Annual report2 Based on H1 2018 annualised rent figures, including the acquisition of the UK hotel portfolio (on a run-rate basis). Based on rent and EBITDA

28

BENEFITS FROM GEOGRAPHICAL DIVERSIFICATION

When applying the historical performance (RevPar since 2010) of Covivio Hotels’ main countries to the current

geographical exposure, it translates into

steady growth & low volatility

141

125

139138

136

199

65

85

105

125

145

165

185

80

90

100

110

120

130

140

150

160

2010 2011 2012 2013 2014 2015 2016 2017 S1 2018

RevPar evolution since 2010

Weighted Revpar performance in Covivio Hotel portfolio France Germany UK Belgium Spain

Country weights in

Covivio Hotel portfolio

(% of turnover)2

1 Revenue Per Available Room, RevPar at country level2Group Share, annualized figures. At end-June 2018 (EBITDA for operating properties) including the hotel acquisition in the UK at run-rate

Source: MKG

France 33%

Germany 28%

UK 16%

Spain 12%

Belgium 7%

Other 3%

CAGR: +4.7%

Geographic diversification offers the best strategy to rip-off the benefits of overall long-term dynamics,

while protecting against the specific volatility of each country

100

HOTELS, AN ATTRACTIVE ASSET CLASS (1/2)

5.8%

5.2%

4.6%5.0%

4.7%4.5%

5.3%

4.8%

4.2%

5.7% 5.5% 5.3%

2015 2016 2017

France offices Italy offices German Residential Hotels in Europe

100%

A higher rental yield compared to other asset classes…

…with a low risk of vacancy

1

2

Occupancy rate since the beginning

>10 years Average firm lease maturity since 2015

2017 EBITDA margin vs peers1

1 FY 2017 data. Average of Vonovia, Deutsche Wohnen and LEG for German residential: Icade and Gecina for French offices and Beni Stabili for Italy offices

Covivio Net IFRS rental yield

29

92%

80%78%

74%

Covivio Hotels lease French offices Italy offices German Residential

HOTELS, AN ATTRACTIVE ASSET CLASS (2/2)

Stronger anchoring of operators to real estate compared to other asset classes:

> Hotel real estate is central to the operating activity of operators

> Valuation of the business is tied to real estate

Low tenant risk and high reliance to Real Estate owner

Profitability is key in keeping in place tenant and attracting new one

> Covivio Hotels to maintain targeting hotels with EBITDAR margin >30%

> Creation of long-term partnership with profitable operator

3

4

Meininger - Paris

Successful track record of renewing all the leases at passing rent:

With Accor in 2015 (+12 years), with B&B in 2017 (+12 years)

30

31.3%32.5% 31.2%

40.9%

201720162015H1 2018

Including UK

acquisition, before

projected disposals

CONSERVATIVE CREDIT METRIC AND RESILIENT CASH FLOWCOVIVIO HOTELS

Disciplined debt ratios

Debt maturities under control:

5.8 years on average1

2018 2019 2020 2021

287

13 29 30

2022

237

2023

937

2025

369

2026 &

beyond

619

177

2024

Maturities in €million Group share1Group share LTV including duties

LTV target of 40%

1 Restated: H1 2018 including the acquisition of the UK Hotel portfolio 31

3.32%

2.73%

2.52%

2.07%2017

2016

2015

H1 2018

Lower cost of debt

3.9x

4.6x

5.5x

6.0xHigher ICR

2016

2015

2017

H1 2018

VERY STRONG COMMITTMENT OF SHAREHOLDERS TO SUPPORT & FINANCE COVIVIO HOTELS DEVELOPMENT

€1 414 m

€1 682 m

€1 921 m €1 964 m

€2 097 m

€2 422 m

€3 204 m

2012 2013 2014 2015 2016 2017 H1 2018

EPRA Net Asset Value

Capital

increase €125 m

€200 m

€300 m

CAGR NAV: +16%

B&B portfolio acquisition

€513 million

Creation of FDM Management

19 hotels

(France, Germany, Belgium)

€988 million

Spanish portfolio

€559 million

UK portfolio

€976 million

€200 m

A DIVERSIFIED DEBT STRUCTURE WITH ROBUST HEDGING RATE

~36%

Breakdown of the debt

by nature

33

H1 20181

1 Group Share, Committed2 At end August 2018

End 2018, expected

Secured debt1

as % of total portfolio

H1 2018Expected following

contemplated bond

<30%

Illustrative impact with a €300 m bond,

the UK portfolio acquisition, refinancing of certain mortgage debts &

certain contemplated asset disposals

92%

Hedging rate

7 years

Hedging average maturity

A Secured financial structure (H1 2018)

1 Group Share, Outstanding debt

Mortgage loan76%

Secured bond8%

Unsecured bond9%

Corporate debt7%

Secured debt: 84%

Illustrative impact with a €300 m bond,

the UK portfolio acquisition

Refinancing of certain mortgage debts &

Certain contemplated asset disposals

Mortgage loan64%

Secured bond8%

Unsecured bond20%

Corporate Debt8%

Secured debt: 72%

€2.2 bn €2.5 bn

Liquidity2: ~€200 million of undrawn RCF and ~€50 million of cash

5. CREDIT HIGHLIGHTS

KEY CREDIT HIGHLIGHTS

1. Top 1 position in major European cities

2. Well diversified geographical footprint & operators base

3. Positioning on well-oriented market supported by mega trends

4. Long-term partnership with leading operators in each country

5. Balanced portfolio, mainly midscale to upscale

6. High-predictability of revenues:

• >10-year average maturity

• 100% occupancy

• Top asset quality

• Low tenant risk

7. High rental yield

Business profile Financial profile

1. A supportive shareholder base

2. A long-dated debt maturity profile

3. A conservative 40% LTV target

4. Limitation on secured debt

5. Strong liquidity position

6. A strong commitment from Covivio

35

APPENDIX

A) COVIVIO GROUP

38

COVIVIO GROUP OVERVIEW

Wohnen

France44%

Italy23%

Germany27%

Spain2%

Others4%

€15.3 bn

Group Share

A €23 bn portfolio, with a European footprint1

Geographical split1 (Group Share)

1 Including the contemplated merger with Beni Stabili and the UK Hotels portfolio acquisition 2 As of 30 August 2018

1

Offices (France,

Italy)58%Residential

(Germany)22%

Hotels15%

Non strategic5%

Asset type split1 (Group Share)

42.1% 61.7%

Covivio is listed in Euronext Paris (€6.8 bn market capitalisation2)

Hotels Résidential

Germany

Offices

France & Italy

Non-listed

39

COVIVIO HOTELS: A LIMITED PARTNERSHIP, WITH COVIVIO AT THE HELM

The société en commandite par actions (SCA) is a limited partnership structure.

– Shareholders: The particularity of the SCA compared to other types of limited partnership is that it has two separate and

distinct kind of shareholders.

General partners: The general partners bear an unlimited and joint liability. In practice, they are usually appointed managers of the

company (FDM Gestion, owned at 100% by Covivio).

Limited partners: The limited partners should be considered equivalent to regular shareholders in other types of limited partnership

structure. The limited partners bear a limited liability.

– Management of the SCA: The SCA is managed by a manager (gérant, FDM Gestion) whose actions are controlled by a

supervisory board (Conseil de surveillance).

40

COVIVIO: A SECURED AND SOLID DEBT PROFILEH1 2018

32%

17%

47%

4%Investor mortgages

Bonds

Corporate credits

Bank mortgage

loans

Strong diversification in financing

55% unsecured

debt

Debt maturities under control

6.0 years maturity(in million, Group share)

Hedge79% / 7.3 years

32258

414

789615 705

915 877

3 157

2018 2019 2020 2021 2022 2023 2024 2025 >2025

Full compliance with the covenants

(in million, Group share)

Ratio Covenant June 2018

LTV (covenant definition) 60.0% 46.1%

ICR 200% 541%

Secured debt ratio 1 25.0% 6.7%

LTV including duties Cost of debt

42.4% 1.55%

1Covivio stand alone

S&P rating

BBB, positive outlook

B) MAIN ASSETS

42

TOP 10 ASSETS – RUSSEL SQUARE, LONDON

334 rooms - 5*

1 restaurant

4 bars

9 meeting rooms

43

TOP 10 ASSETS – PARK INN ALEXANDERPLATZ, BERLIN

1 012 rooms - 4*

2 restaurants

1 bar

12 meeting rooms

44

TOP 10 ASSETS – THE WESTIN GRAND BERLIN

400 rooms - 5*

2 restaurants

1 bar

11 meeting rooms

45

TOP 10 ASSETS – CHARLOTTE SQUARE, EDINBURGH

199 rooms - 5*

1 restaurant

1 bars

6 meeting rooms

46

TOP 10 ASSETS – MERCURE TOUR EIFFEL

405 rooms - 4*

1 restaurant

1 bar

11 meeting rooms

47

TOP 10 ASSETS – EUROSTARS GRAND MARINA

291 rooms - 5*

1 restaurant

1 bar

1 outside pool

24 meeting rooms

48

TOP 10 ASSETS – GEORGE STREET, EDINBURGH

240 rooms - 5*

1 restaurant

1 bar

8 meeting rooms

49

TOP 10 ASSETS – AC FORUM, BARCELONA

364 rooms - 4*

1 restaurant

1 bar

1 outside pool

18 meeting rooms

50

TOP 10 ASSETS – IBIS CAMBRONNE, PARIS

523 rooms - 3*

1 restaurant

1 bar

6 meeting rooms

51

TOP 10 ASSETS – NOVOTEL GARE DE LYON, PARIS

253 rooms - 4*

1 restaurant

1 bar

6 meeting rooms

C) MAIN TRENDS

FOUR TRENDS RESHAPING THE HOTEL INDUSTRY

Demand is changing Hotels are adapting

Focus on consumer experience and price

optimization

Previous traveler

Disconnected Connected

Privacy Community

Money Experience

Status Relationship

Separated outlets Shared open-space

New traveler

Key attributes and drivers of consumers are changing

Strong emphasis on services…

…and lifestyle concepts

Lifestyle lobby

Open common spaces

Natural Design

Garden plots on the hotel rooftop

F&B Highlight

Friendly, gourmant & locavore restaurant

Guest kitchen

Collaborative fooding

Meininger - Berlin Mama Shelter - Paris

Yooma - ParisCitizen M – La Défense

1 2

53

FOUR TRENDS RESHAPING THE HOTEL INDUSTRY

Location is key

New operators are emerging

Targeting young and urban travelers

Existing ones are adapting

AccorHotels new lifestyle

brand

3

IHG high-end

experience-oriented brand

New concepts and products 4

The Westin and the Park Inn, two highly profitable

hotels in Berlin

A key value for Meininger:

“Meininger: central, affordable and modern”

Meininger headline

54

55

This document comprises the written materials for an investors’ presentation relating to Covivio Hotels (Ex Foncière des Murs) (the Company) and its group in the context of a proposed offering of

securities (the Notes) (the Offering). This document also comprises information on Covivio and the Covivio Group.

The contents of this presentation are to be kept confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any

purpose.

Information contained in this presentation is solely for the purpose of presenting the recipients with a short introduction to the Company’s business.

This presentation does not constitute a prospectus or other offering document in whole or in part.

Information contained in this presentation is a summary only, and is qualified in its entirety by reference to the prospectus (including the documents incorporated by reference therein). The prospectus

will include a description of risk factors relevant to an investment in the securities to be issued by the Company and any recipients should review in particular the risk factors before making a decision

to invest.

This presentation does not constitute or form part of any offer or invitation to issue or any solicitation of any offer to subscribe for any security nor shall it (or any part of it) form the basis of (or be relied

on in connection with) any contract or investment decision in relation thereto. Recipients should conduct their own investigation, evaluation and analysis of the information set out in this document and

should rely solely on their own judgment, investigation, evaluation and analysis in evaluating the Company, its business and affairs.

The information and opinions contained in this presentation are provided as at the date of this document and are subject to change without notice.

No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness, accuracy, completeness or correctness of the Information or opinions and

Covivio Hotels or Covivio, as well as their affiliates, directors, advisors, employees and representatives do not accept any responsibility or any liability (in negligence or otherwise) whatsoever for/or

make any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the Information (or whether any information has been omitted from the Information) or

any other information relating to Covivio Hotels or the Covivio group, their subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or

made available or for any loss or damages of any kind which may arise from any use of (or reliance upon) this document or its contents, by you or others, or otherwise in connection with the

Information.

Certain statements included in this presentation are “forward-looking”. Such forward-looking statements speak only at the date of this document, involve substantial uncertainties and actual results

and developments may differ materially from future results expressed or implied by such forward-looking statements. Neither the Company nor any other person undertakes any obligation to update

or revise any forward-looking statements.

These statements may also relate to the targets and strategies of the Company’s Group. These forecasts are based on a series of assumptions, both general and specific, notably – unless specified

otherwise - the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of

existing regulations. This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment.

DISCLAIMER

56

The Company may be unable:

•to anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

•to evaluate precisely the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this presentation.

There is a risk that these projections will not be met. Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the group when basing their investment

decisions on information provided in this document.

All written, oral and electronic forward-looking statements are expressly qualified in their entirety by this cautionary statement.

This document and the investment activity to which it relates may only be communicated to, and are only directed at (i) persons in the United Kingdom having professional experience in matters

relating to investments, being investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the FPO);

(ii) qualified investors (investisseurs qualifiés) as defined in Articles L411-2 of the French Code monétaire et financiier and (iii) persons to whom the communication may otherwise lawfully be made

(together Relevant Persons). Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This

document must not be acted or relied on by any persons who are not Relevant Persons.

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES - Nothing in this presentation shall constitute an offer of securities for sale in the United States. The securities referred to in

this presentation (if any) have not been registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or under the securities laws of any state of the United States, and may not

be offered or sold in the United States or to, or for the account or benefit of U.S. persons, absent registration or an exemption from registration under the Securities Act and applicable state securities

laws.

PRIIPs Regulation / Prohibition of sales to EEA retail investors – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made

available to any retail investor in the European Economic Area (the EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of

Article 4(1) of Directive 2014/65/EU (as amended, MiFID II) ; or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in

point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the Notes or

otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may

be unlawful under the PRIIPs Regulation

MIFID II product governance / Professional investors and ECPs only type of clients – Solely for the purposes of the manufacturer’s product approval process, the target market assessment in

respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the

Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are

appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturer’s target market assessment; however, a distributor

subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer’s type of clients assessment) and

determining appropriate distribution channels.

DISCLAIMER

CONTACT

PAUL ARKWRIGHT

PAUL.ARKWRIGHT@COVIVIO.FR

T +33 1 58 97 51 85

M +33 6 77 33 93 58

Covivio-hotels.fr

PARIS

10. AVENUE KLÉBER

75116 PARIS

TEL.: +33 1 58 97 50 00